OVERSEEING CRYPTOCURRENCY-RELATED ACTIVITIES: EXPLORING

INSTITUTIONS UNDER THE ASEAN ECONOMIC COMMUNITY

An Undergraduate Thesis

Presented to the Department of Political Science

School of Law and Governance

University of San Carlos

In Partial Fulfillment

of the Requirements for the Degree

Bachelor of Arts in Political Science

Major in International Relations and Foreign Service

May 27, 2022

 ENDORSEMENT FORM

Date : 00 May 2022

To : Thesis Committee

(Chair)
Rejene T. Lakibul, MPMD

(Member)
provide detail in the revised version

(Member)
provide detail in the revised version

I, Mrs. Joanna Marie Fuentes-Baroman, MAPS , the designated thesis adviser of

Clam, Kyla Lorraine M. Bachelor of Arts in Political Science

Empenida, Jastine Mae P. for Major in International Relations

Escalona, Jerome II U. and Foreign Service

do hereby confirm that I have done series of consultations and/or discussions with the student/s,
exhaustively read her/his/their paper as well as given the inputs I see fit for the improvement of
the student(s)’ thesis.

After fulfilling all the enumerated roles and responsibilities as a thesis adviser, I hereby confirm
the following:

1. That the student/s-researcher/s have completed all of the pertinent

inputs/comments/suggestions given her/him through the consultation;
2. That the version of the paper herewith submitted is satisfactory in quality, both in
content and form;
3. That the student/s-researcher/s can defend her/his thesis on questions of disciplinal
value and research rigor

Hence, as the thesis adviser, I hereby humbly endorse the acceptance of her/his

/ Thesis Proposal Final Thesis

Moreover, I agree to further assist the student/s-researcher/s with the comments/suggestions of

the Defense Panel.

Thank you very much for this opportunity.

Name and Signature

Date May 26, 2022
of Adviser:
 ANTI-PLAGIARISM FORM

Clam, Kyla Lorraine M.

Name(s) of
Student-Researchers Empenida, Jastine Mae P.
Escalona, Jerome II U.
Program
Bachelor of Arts in Political Science Major in
International Relations and Foreign Service
Course POS 3214 Research Proposal
Overseeing Cryptocurrency-Related Activities:
Title of Thesis Exploring Institutions under the ASEAN Economic
Community
I, the undersigned, confirm that I understood the University policy about
plagiarism and the importance of intellectual honesty.
I testify that the work I submitted is wholly my own, and that any quotations or
section of text taken from the published or unpublished work of any other
person is duly and fully acknowledged therein.

Date of Submission May 27, 2022

 STUDENTS’ DECLARATION OF ORIGINALITY
Clam, Kyla Lorraine M.
here submit our thesis paper
We, Empenida, Jastine Mae P. ,
entitled,
Escalona, Jerome II U.

“Overseeing Cryptocurrency-Related Activities: Exploring Institutions under the ASEAN

Economic Community”

and truthfully declare that the paper is a product of my original research investigation. To the best of
my knowledge and belief, it contains no material previously published or written by another person
nor does it include contents that are falsified or fabricated. I also sought permission from the
copyright owner to use text, illustrations, and/or framework substantively used in the paper. In
understanding that should the University of San Carlos represented by its Administrators and
Faculty eventually discover that my attestations herein are not so, I accept the right of the University
to impose the appropriate sanctions including the non-granting of the degree, if so warranted.

Signed May 26, 2022 at the University of San Carlos, Cebu City, Philippines.

Name and
Signature of
Date Signed May 26, 2022
Student-Researcher
s:
 APPROVAL SHEET

The thesis entitled “Overseeing Cryptocurrency-Related Activities: Exploring

Institutions under the ASEAN Economic Community” submitted by Kyla Lorraine M.

Clam, Jastine Mae P. Empenida, and Jerome II U. Escalona in partial fulfillment of the

requirements for the degree of Bachelor of Arts in Political Science Major in

International Relations and Foreign Service has been reviewed by the Panel of Examiners

and is recommended for acceptance and approval.

________________________________________________________________________

Approved by the Thesis Evaluation Committee with a rating of _________.

____________________
Panel Chair

__________________ __________________
Panel Chair Panel Chair

JOANNA MARIE FUENTES-BAROMAN, MAPS

Thesis Adviser

Accepted and approved in partial fulfillment of the requirements for the degree of

Bachelor of Arts in Political Science Major in International Relations and Foreign

Service.

REJENE T. LAKIBUL, MPMD

Chairperson, Department of Political Science

ATTY. JOSE GLENN C. CAPANAS

Dean, School of Law and Governance
 ACKNOWLEDGMENT

The researchers were challenged to reach at this point of establishing this study. For the

past few months, it aided for the learning experiences and new insights in performing the

different processing for having a proposed study. The student-researchers would humbly

like to extend gratitude to the following people:

To Mrs. Joanna Maria Fuentes Baroman, our thesis adviser, your critical efforts in

improving the foundation of this study is highly appreciated. The student-researchers are

honored to work with you in order to fulfill this research proposal.

To Ms. Brenette L. Abrenica, our learning facilitator, your research class

processing and workshops were helpful for the student-researchers to step by step

discover the different components in building this research proposal.

To Mr. Rejene T. Lakibul, Ms. Grace Magalzo-Bualat, and Ms. Kay Conales, our

Political Science professors, your time for giving feedbacks and serving as panels for the

topic selection were highly appreciated by the student-researchers because it shed light on

what study best fits to be pursued

To the teachers, parents, friends, and colleagues, your never-ending support is

highly recognized by the student-researchers for it added fuel to become lifelong learners

for the future of the country and the world.

 ABSTRACT

Due to the surge in popularity of cryptocurrencies in the previous years, there is

an evident rise of cryptocurrency users all over the globe, this includes the ASEAN
region. Statistics show that eight out of ASEAN's ten member states have increased their
interest in cryptocurrency, specifically, these are the countries of Thailand, Malaysia,
Philippines, Indonesia, Singapore, Vietnam, Cambodia, and Laos. Despite the benefits of
cryptocurrencies, they also pose two types of threats: (1) the threat to the state, country,
and society, and (2) the harm to cryptocurrency network users (Amanzholova & Teslya,
2018). Illicit transactions, tax evasion, phishing, fraud, and price volatility are just a few
of these concerns.The lack of an official ASEAN institution that could oversee
cryptocurrency-related activities exacerbates these existing threats. Hence, with the
utilization of a structured, open-ended questionnaire, as well as the adoption of the ISO
27001 Framework, this study aims to analyze and identify a specific ASEAN institution
under the AEC that would be best-fitted to oversee cryptocurrency-related activities in
the ASEAN region.

Keywords: AEC, ASEAN, ISO 27001, cryptocurrency, e-commerce, neoliberalism,

supranationalism, threats and opportunities, overseeing
 TABLE OF CONTENTS

INTRODUCTION 1
Rationale of the Study 1
THE PROBLEM 4
Statement of the Problem 4
Statement of Assumptions 5
Statement of Hypothesis 6
Significance of the Study 6
Scope and Limitation 7
DEFINITION OF TERMS 7
ORGANIZATION OF THE STUDY 11
THEORETICAL BACKGROUND 11
Review of Related Literature 11
Theoretical Framework 39
Conceptual Framework 41
RESEARCH METHODOLOGY 42
Research Environment 42
Research Respondents 42
Research Instruments 43
Research Procedures 46
Gathering of Data 47
Ethical Consideration 49
BIBLIOGRAPHY 51
APPENDICES 57
Transmittal Letter 57
Research Instrument 58
 Table 2. Timetable of Activities 60
Program Budget 61
Curriculum Vitae 63
LIST OF FIGURES 67
Figure 1. Theoretical Framework 67
Figure 2. Conceptual Framework 67
 INTRODUCTION

Rationale of the Study

The rise in the popularity of cryptocurrency in recent years has resulted in a lot of
attention being paid to the study of this potentially helpful method of payment. Since its
inception in 2009, cryptocurrencies have had both overt and covert economic influence.
In its 13th year, digital currency in the form of coins has established itself as a rising
currency and form of investment. Through observation, cryptocurrencies' economic
impact can be seen in a variety of ways in both national and international societies.
According to the TripleA company,a company that intends to use blockchain
technology and cryptocurrency solutions to transform the way businesses and customers
interact, as of 2021, the global crypto ownership rate is estimated to be 3.9%, with over
300 million crypto users worldwide. Furthermore, over 18,000 businesses already accept
cryptocurrency payments. In the scope of the ASEAN region, reportedly, 8 out of its 10
Member States have a rising interest in Cryptocurrency based on the increase in its
number of users, specifically, these countries are Thailand, Malaysia, Philippines,
Indonesia, Singapore, Vietnam, Cambodia, and Laos. To Elaborate:

● In Thailand, over 3.6 million Thais, or 5.2% of the total population, are thought to
own cryptocurrency. Thailand ranked second in the world regarding
cryptocurrency ownership, with 9.9% of Thai Internet users owning
cryptocurrency. Furthermore, BitKub, Thailand's dominant crypto exchange,
reported a 600% increase in 2020.
● In Malaysia, over 1 million Malaysians, or 3.1% of the total population are
estimated to own cryptocurrency. In early April 2020, the crypto exchange
tokenized recorded a 30-40% rise in daily trading volume.
● In the Philippines, it is estimated that over 4.3 million people, or 4.0% of the total
population of the Philippines currently own cryptocurrency. The Philippines in
2021 has been one of the world's fastest adopters of cryptocurrency. The
Philippines has the world's third-highest crypto adoption rate.
● In Indonesia, over 7.2 million people in Indonesia own cryptocurrencies,
accounting for 2.66% of the country's total population. In 2020, over 30 million

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 Indonesians owned bitcoin, placing the country among the top countries in terms
of Bitcoin adoption.
● In Singapore, over 550,000 people, or 9.40% of Singapore's total population, are
estimated to own cryptocurrency. According to the inaugural 2021 Independent
Reserve Cryptocurrency Index (IRCI), 43% of those polled possess
cryptocurrency.
● In Vietnam, over 5.9 million people, or 6.1% of Vietnam's total population, are
estimated to own cryptocurrency. Vietnam ranked second in the world in terms of
the value of retail and all on-chain cryptocurrency transactions, trailing only the
United States, China, and Russia. Furthermore, access to cryptocurrency websites
and trading platforms from Vietnam is among the top five in the world.
● In Cambodia, the National Bank of Cambodia (NBC) has created its first central
bank digital currency (CBDC). The adoption of blockchain technology reduces
expenses for both banks and customers, encouraging small businesses in the
country to digitize. In 2019, the number of people using e-wallets climbed by
64% to 5.22 million, a substantial growth in a country where just 5% of people
have a bank account.
● In Laos, the Ministry of Technology and Communication (MOTC) recently
released Decision No. 888/MOTC dated 9 November 2021, which gives
regulatory advice in relation to digital asset transactions in Lao PDR using
blockchain technology. The government of Lao PDR declared that six Lao
enterprises have been approved to conduct cryptocurrency trade and mining
operations involving Ethereum, Bitcoin, and Litecoin, as well as the rules and
criteria that apply to the exploitation of cryptocurrency transactions.

The statistics being discussed above, goes to show that the rise of Cryptocurrency
is apparent and felt by the majority in the ASEAN region. Moreover, all ten Association
of Southeast Asian Nations (ASEAN) countries allow cryptocurrency trading in
Southeast Asia, with only Singapore imposing a tax on those who do. The Philippines, on
the other hand, requires a special permit whenever an exchange occurs. According to a
2017 Financial Times report, while central banks in Southeast Asia welcome this new

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currency system from financial technology start-ups, most are wary of the rise of
cryptocurrencies such as Bitcoin and Ether. Despite the opportunities presented by
cryptocurrencies, they also generate dual-nature threats: (1) the State, Country, and
Society Threat and (2) Cryptocurrency Network Users Threats (Amanzholova & Teslya,
2018). These threats include; illicit transactions, tax evasion, phishing, fraud, price
volatility, among others.

According to the report given by the Philippine Institute for Peace, Violence, and
Terrorism Research in May 2020, cash was generated through a money-laundering
scheme employing cryptocurrencies that are terrorist-linked. The money received from
such money laundering was then allegedly used to fund terror networks operating in
Mindanao, Philippines. Bahrun Naim, an Indonesian IS terrorist operating in Syria, was
one of the first in Southeast Asia to push for the use of bitcoin to fund terrorism. In his
online guidebook published in 2016, Naim listed Bitcoin as one of the fund-moving
strategies to funnel money from a fraudulent credit card transaction. To elaborate on this
incident, Bahrun Naim had sent money to his colleagues via PayPal, with funds arriving
from Bitcoin, as stated by the Indonesian Financial Intelligence Unit PPATK at the time.
The money laundered through cryptocurrency was then used to bankroll a suicide attack
on the Solo Police Headquarters in Central Java in July 2016. Indeed, while the use of
cryptocurrencies by IS militants is not new, this example signals a renewed attempt in
Southeast Asia to diversify terrorism funding methods.

With an instance of being able to utilize cryptocurrency to fund terrorist activities,

it will surely not be the last time such an incident is to take place. The ASEAN region
must be vigilant and expect this type of strategy to take place once again. As reported by
Ariante and Yaoren (2020), extremists might also consider utilizing cryptocurrency to
procure logistics as more merchants accept cryptocurrency payments online and have
access to international supply networks. Both elements entail the transfer of money,
which the authorities are unable to follow until it reaches the beneficiary's bank account.

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 As the given data portrays, it is clear that the increasing number of cryptocurrency
users mirrors the rise of threats of cryptocurrency in the ASEAN region, however,
despite the existing data and instances of cybercrime and cybersecurity of cryptocurrency
in ASEAN, there is still no capable institution that deals with cryptocurrency-related
issues in the ASEAN community, hence, the rationale of this study point towards the
need to examine and analyze existing ASEAN institutions that would be best-fitted to
oversee cryptocurrency-related activities.

THE PROBLEM

Statement of the Problem

With the rise of the Fourth Industrial Revolution (4IR), ASEAN was able to
develop a strategy on how to address cybercrimes through having an e-government as
postulated on its 2021 Consolidated Strategy for the 4IR. The importance of securing
privacy of databases and e-trade is one of the priorities of ASEAN in order to ensure
transparent transactions across its borders. Despite the existing consolidated strategy, the
issue of cryptocurrency in terms of its volatility, prone to illicit activities, and
deregulation was still left in the gray area. An unregulated cryptocurrency may have
negative impacts on e-commerce, be prone to tax evasion, and disrupt cybersecurity
(Almeida & Pedrosa-Garcia, 2018). ASEAN, as a region lacks standardized norms and
rules for virtual currencies including Cryptocurrency, the minimal interference has been
the main obstacle for effective regional governance (Laksono & Nugraha, 2018).
Furthermore, there is no specific ASEAN institution that oversees Cryptocurrency
transactions in ASEAN. The lack thereof exacerbates the threats of
Cryptocurrency-related activities in ASEAN.

General Objective:
● This paper aims to explore existing institutions of the ASEAN Economic
Community that is/are best-fitted to oversee cryptocurrency-related activities in
the ASEAN Region using the ISO 27001 Framework.

Specific Objectives:

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 1. To discuss the cryptocurrency adoption and utilization among SouthEast
Asian nations. To identify and analyze the existing institutions under
ASEAN Economic Community in terms of:
a. Information security policies
b. Organization of information security
c. Human resource security
d. Asset management
e. Access control
f. Cryptography
g. Physical and environmental security
h. Operations security
i. Communications security
j. System acquisition, development and maintenance
k. Supplier relationships
l. Information security incident management
m. Information security aspects of business continuity management
2. To recommend the criteria in determining which of the ASEAN AEC
institution/s has/have the capabilities to oversee crypto-related activities
within the regional trading bloc.
Statement of Assumptions

This research study is anchored on the following assumptions:

Cryptocurrency has popularly grown as a means of payments to business transactions
and; its utilization brings both benefits and threats to the transacting parties. ASEAN has
allowed the entry and utilization of cryptocurrencies as a means of payment in their
markets.

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Statement of Hypothesis

1. Cryptocurrency-related activities in the ASEAN region can be monitored

towards a formulation, in the long run, of rules and regulations governing
its use within the regional trading bloc .
2. There is/are already existing ASEAN AEC institution/s that is/are capable
of overseeing the cryptocurrency-related activities in the region.

Significance of the Study

This study can be used as a basis to help determine a specific ASEAN institution
that can effectively oversee cryptocurrency-related activities in ASEAN. Specifically, the
following sectors will benefit from the study:

● The Students
○ This research can hone the students’ understanding of the ASEAN
economy and its existing institutions and how these institutions can
address the issues of cryptocurrency in ASEAN.
● The Teachers
○ This research aims to help the teachers to further learn and understand
alongside the students the opportunities and threats brought about by the
continuous rise of cryptocurrency. Furthermore, this research can be used
as additional material for educators to utilize in their discussion of
cryptocurrency.
● The Community
○ This research will serve as an opportunity for the community and its
citizens to learn more about cryptocurrency and how to properly adapt and
regulate it, through understanding the different opportunities and threats
found in cryptocurrency transactions.
● The IRFS Discipline
○ This research will aid in identifying and answering knowledge gaps found
in the premature study of cryptocurrency in the field of IRFS.
● The ASEAN Member States

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 ○ AMS will become informed about the existing threats of
cryptocurrency-related activities. Since the world is getting smaller due to
globalization, there is a huge possibility in the future that the use of
cryptocurrency will be beneficial for the economy; hence it is also
important for ASEAN to identify a specific ASEAN institution that can
effectively oversee cryptocurrency-related activities in ASEAN in order to
prevent illicit cryptocurrency use and in aiming toward the goal of having
a clear standard that is widely acceptable for regulation of cryptocurrency
in the future.
● The ASEAN Economic Community
○ The study will be a forward looking guide due to how it will aid AEC
representatives to know which institution is ready to oversee
cryptocurrency-related activities in the ASEAN region. In those ways
there will be no need for them to formulate and create new institutions
because they will have the idea which existing entities they can either tap
on or modify which will be identified at the end of the study.

Scope and Limitation

This study will focus on the Association of Southeast Asian Nations (ASEAN)
and its ten (10) Member States. Specifically, it will utilize the ISO 27001 Framework as a
criterion to determine an ASEAN institution under the AEC that has the capability to
oversee cryptocurrency-related activities in ASEAN, as it has grown to offer huge
opportunities but at the same time it is evident that it is a disruptive technology that is
prone to evasion of national and financial regulations.

DEFINITION OF TERMS

● AMS (ASEAN member states) - refers to the countries belonging in the ASEAN
region. Countries such as: Brunei, the Philippines, Singapore, Thailand,
Cambodia, Indonesia, Laos, Malaysia, Myanmar,and Vietnam.
● ASEAN Economic Community (AEC) - refers to the collective economic gorup/
community of the 10 ASEAN Member States.

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● Asset Referenced Tokens (ARTs) - also known as "stable coins", it is designed to
hold value, but unlike dollar-pegged stablecoins, ARTs are backed by various fiat
currencies, commodities or crypto-assets.
● AWPEC (ASEAN Work Programme on Electronic Commerce (AWPEC)-
formulated to maximize the benefit of electronic commerce, it is developed to
specifically target the e-commerce sector and focuses on the following important
areas: ICT infrastructure, e legal and regulatory framework, trade facilitation
education and technology competency, electronic payment and settlement, online
consumer protection, cybersecurity, and logistic to facilitate e-commerce, among
others.
● Blockchains - are strings of numerical data that are coded in which it distributes
and decentralized public ledgers across the internet.
● Capability- refers to the ability of an ASEAN institution to oversee
cryptocurrency-related activities based on the identified criteria
● Consensus Protocol- competition in the form of mining, where “miners” compete
to update the public ledger (i.e. Blockchain). Nodes (any computer that is
constantly running the Bitcoin Core) agree on a certain value or transaction
through the consensus protocol.
● Control- this term is derived from the ISO 27001 Framework. Controls are
procedures that are used to mitigate risks in institutions. Organizational, physical,
human, technical, and other types of controls exist.
● Crash and Bubble- an economic cycle characterized by the rapid escalation of
market value, particularly in the price of assets. The fast inflation on the other
hand, followed by a quick decrease in value, or a contraction, is sometimes
referred to as a "crash" or a "bubble burst”
● Criteria- the standards identified to determine an institution under the AEC that
can oversee cryptocurrency-related activities in ASEAN.
● Crypto Regulatory Sandbox- a framework created by regulators that creates a
controlled environment wherein crypto transactions are allowed but at the same
time being tested by government and companies on what regulations and policies
are effective and to be adopted.

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 ● Crypto-assets- digital assets that are utilized for exchanges or for investments in
which it does not have a central banking because it is just based on blockchain
technology.
● Cryptocurrency - indicates a unit of currency and is an encrypted data string that
is monitored and organized by a peer-to-peer network called a blockchain, which
also serves as a secure ledger of transactions, e.g., buying, selling, and
transferring. Cryptocurrencies are digital or virtual currencies that rely on
cryptography technologies to function
● Cryptocurrency-related activities - refers to mining, investing and trading of
cryptocurrencies.
● E-commerce or “Electronic Commerce” - is defined as the notion of maintaining
relationships and conducting business transactions that include selling
information, services, and goods through the means of computer
telecommunication networks.
● Electronic Money Tokens - also known as “e-money tokens”, a type of
crypto-asset that is utilized for trade transactions online in which its value is
pegged to a fiat currency that is legal tender.
● Information Security Management System (ISMS)- the strategic approach that
promotes security to the CIA (i.e. Confidentiality, Integrity, and Availability)
assets of information of a specified organization.
● Oversee- the act of monitoring, facilitating, and setting standard norms for
cryptocurrency-related activities in ASEAN.

Operational Definition of Terms

Based on the ISO 27001 Framework Annex A, it categorizes domains for controls
that fill in the gaps of the institution that is currently facing (Belding, 2021). The
following operationally defined below:

● Access control - limits access to information assets and are both logical access
controls and physical access controls.

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● Asset management - handles assets that are used in information security as well as
designating responsibilities for their security.
● Communications security - refers to the controls for the network (infrastructure
and services) and the information that travels through it.
● Cryptography - presents a proper basis for use of encryption to protect the
confidentiality, authenticity and integrity of your organization’s information.
● Human resource security - presents controls that tackle the information security
aspects of HR.
● Information security aspects of business continuity management - ensures
information security management continuity during disruptions as well as
information system availability.
● Information security incident management - refers to controls related to security
incident management related to security incident handling, communication,
resolution and prevention of incident reoccurrence.
● Information security policies - describes how the organization should handle its
information security policies.
● Operations security - ensures that the organization’s IT systems, operating
systems and software are protected.
● Organization of information security - provides a framework for information
security by defining the internal organization, such as roles and responsibilities, as
well as other information security aspects of the organization such as the use of
mobile devices, project management and even teleworking.
● Physical and environmental security - deals with physical areas, equipment and
facilities and protects against intervention, both by humans and nature.
● Supplier relationships - ensures that suppliers/partners use the right Information
Security controls and describe how third-party security performance should be
monitored.
● System acquisition, development and maintenance - ensures that information
security is paramount when purchasing or upgrading information systems.

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 ORGANIZATION OF THE STUDY

To offer a clear and comprehensive knowledge of the said topic, “Overseeing

Cryptocurrency-Related Activities: Exploring Institutions under the ASEAN Economic
Community”, this thesis proposal defines and demonstrates the actions done during the
whole research process.

The following are the 3 chapters that will make up for this research proposal:

● Chapter 1 thoroughly discusses the rationale of the study, followed by the

statement of the problem, statement of assumptions, statement of hypothesis,
significance of the study, scope and limitation of the study, definition of terms,
and lastly the organization of the study.
● Chapter 2 on the other hand explains the Theoretical Background of the study that
includes the following: Review of Related Literature, Theoretical Framework, and
Conceptual Framework.
● Chapter 3 then discusses the Research Methodology in which it specifically
outlines the study’s Research Environment, Research Respondents, Research
Instruments, Research Procedures that includes the gathering and treatment of
data, and lastly the Ethical Considerations to be followed by the study.

THEORETICAL BACKGROUND

Review of Related Literature

What is International Political Economy (IPE)

International Political Economy (IPE) deals with the interaction of economic
interests and political processes which shape government policies (Oatley, 2003). In the
contemporary IPE it postulates two general points: (1) international competition and
cooperation are increasing dominating international politics due to globalization and (2)
due to the puzzling complexity of IPE it boils down on why there are instances that
policies adopted by the government sometimes lead to either good or bad outcomes.
Understanding IPE means understanding how the global economy works, hence there are
four issue areas needed to be recognized: (1) the international trade system, (2) the

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international monetary system, (3) multinational corporations (MNCs), and (4) economic
development. Since the study deals with cryptocurrency, it falls down to the fourth issue
area which is economic development because the latter deals with each state's adopted
comprehensive approach and the cause of governments in using various strategies. Since
each state has different strategies in handling cryptocurrency flow, using the lens of
economic development will help explain why having a collective participation in the
international economy either guides or pressures states to adapt in the trends of
cryptocurrency. Two research traditions are essential in understanding IPE: (1)
explanatory studies and (2) evaluative studies. The former explains the choices on why
governments adopted such economic foreign policies, while the latter assesses the
outcomes of the policies that the government had adopted while at the same time
proposing alternatives when such outcome turns out to have a negative impact on the
economic welfare of the society and government. Moreover, three prominent theories are
used to explain IPE: (1) Mercantilism, (2) Liberalism, and (3) Marxism. Mercantilism
postulates how the state needs to have a large role in allocating resources because having
uncoordinated decisions will lead to inapt economic structure. In contrast, liberalism
believes in a market-based system of resource allocation, hence less government
intervention and more on voluntary market-based transactions among individuals. Lastly,
marxism believes in the existence of distributional conflict between developed and
developing states in the international arena. In the context of cryptocurrency, its nature
abides on a liberalist side because of its peer-to-peer nature of transaction among
individuals. But due to the threats it comes with, government intervention is essential in
order to regulate crypto flow. When explaining the policy choices made by the
government in crafting and/or adapting a certain economic foreign policy, the interaction
between societal interests and political institutions shed light in understanding how IPE
connects with the trends of cryptocurrency. Understanding various interests on where it
came from will aid in understanding the competing demands and issues the government
will face when making foreign economic policy decisions. Hence, the interplay of
political institutions then allows rules that enable bilateral or multilateral collective
decisions to be enforced in the international state system.

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The Finance and Monetary Structure
The book entitled Introduction to International Political Economy (7th Edition)
by Baalam and Dillman (2018), relates to Susan Strange's original five structures:
production, trade, finance, security, and knowledge. Among the five structures being
enumerated, this study will specifically highlight the Finance and Monetary Structure.
This Structure governs who has access to money and on what terms, and hence how
capital is allocated between states, with possibly the most abstract set of linkages between
nations. Many academics believe that unregulated financial markets contributed to
financial catastrophes during the onset of the global financial crisis. Some critics also
claim that financial deregulation has exacerbated poverty in some of the world's poorest
regions.

Cryptocurrency: How it works and how it connects to the Global Economy

The paper entitled Cryptocurrency: An Overview And Analysis on the Awareness
by Suriya et al. (2021) discusses that cryptocurrency is very likely to be the future
currency platform, given to the large amount of bitcoin passing across numerous systems,
the massive spike in using and implementing cryptocurrencies, and the possibilities that
cryptocurrency systems provide.
To define, Cryptocurrency is essentially a digital currency that can be purchased
and exchanged via the internet. There are no bills or coins. It is not based on any other
asset, such as gold. It also avoids traditional financial institutions such as banks. Instead,
these currencies operate in a completely decentralized system that uses Blockchain
technology to track transactions. For example, assume that person A wants to buy a car
from person B using bitcoin. Person A begins by entering a private passcode into her
Bitcoin wallet, after which, a standard financial code sends the transactions to banks on
both sides, which records the money being deducted from Person B and paid to Person A.
In this scenario, there are no banks or middlemen. Instead, the transaction of person A is
visible to everyone on the bitcoin network. These networked machines add Person A's
proceedings to a common list of recent proceedings or transactions known as a block.
All previous Blocks will be chained to the newly added Blocks every ten minutes.
A section of the Bitcoin network races to solve a difficult math challenge in order to

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ensure that each transaction in the block on the chain is confirmed. If they solve it as
quickly as possible, their transaction record (block) becomes the official record. They are
compensated in bitcoins, and the network is given a new block to add to the chain. The
term mining refers to the entire procedure. Because there are so many computers
attempting to validate a block, no single computer can control the bitcoin market. When
more machines join in, the puzzle becomes more difficult to solve in order to keep the
competition fair and evenly timed.
Moreover, Suriya et al. also gave emphasis to the rise of cryptocurrencies over the
last few years that has piqued the interest of the general public and policymakers.
Economists, on the other hand, are concerned about the comparison of a
cryptocurrency-based financial system to a gold-standard financial system. The primary
distinction between cryptocurrencies and gold-standard currencies is their divergent
supply and demand, which results in varying degrees of purchasing power consistency.
The World Bank reported in 2017 that 74% of adults in the richest 60% of households
with economies have an account. However, only 61% of those in the bottom 40% do not
have an account, resulting in a 13% disparity overall, amounting to approximately 19
million adults without an account. By not allowing any government or financial
organization to freeze our assets, cryptocurrency provides an alternative, allowing us to
use cryptocurrency as a financial service.
Another key factor highlighted in the paper is the future of Cryptocurrency in
developing countries, for example, 54% of the adult population in India does not own a
smartphone, and many are still not exposed to smartphones. This demonstrates how
difficult it will be for the people of India (particularly the rural population) to shift to the
new currency system in their current economy.

Cryptocurrency as a changing Global Economic Model

The paper entitled An Analysis of Cryptocurrency, Bitcoin, and the Future by
DeVries (2016) talks about Bitcoin, which is the first and most popular cryptocurrency.
While cryptocurrencies are less plausible to replace traditional money, its growing
influence and trend may still alter the way Internet driven markets interact and/ or process

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with one another. And most importantly, it is revolutionary due to the fact that it is able to
remove restrictions associated with traditional national currencies and exchange rates.
DeVries also highlighted that because Cryptocurrency is a “peer-to-peer system”,
it can cover holes in present financial technologies and help solve traditional banking
difficulties. For example, cryptocurrencies are positioned to aid in the resolution of issues
relating to unbanked consumers. In developing countries, a sizable proportion of the
population is unbanked. For example, in Latin America alone over 60% still do not have
access to bank accounts (Magro, 2016). And here comes cryptocurrency offering a
solution to the said problem as bitcoin's technology enables individuals to exchange
currency without the need for a third trusted entity, such as a bank. All that is required to
use Bitcoin is a cellular phone, which approximately 70% of Latin Americans have,
hence, making it a changing Economic Model. Indeed, the Bitcoin community is working
hard to innovate and solve old problems. Other forms of cryptocurrency have already
emerged and gained their own followings as well, although each slightly different from
Bitcoin, but arguably just as ground breaking.
Existing studies and formal governance actors put forward that the use of
blockchains may empower several sets of historically underprivileged actors such as
"migrants", "temporary workers", and the "unbank" due to its inclusive and decentralized
nature (Campbell-Verduyn, 2018). As postulated by the 2019 Bain analysis, seven (7)
out of ten (10) Southeast Asians are unbanked, meaning they lack "access to credit cards
or long-term savings products" or "basic bank accounts."
Since the increasing socio-economic implications of blockchain technology led to
a more interconnected global political economy due to the rise of
Internet-based-technologies especially on the use of cryptocurrency as an alternative
financial mechanism, it has become widely accepted for various transactions around the
world. Online commercial marketplaces such as eBay, AirBnB, Uber, traditional retailers,
and manufacturers began utilizing cryptocurrency, specifically Bitcoins for transactions.
Some Multinational Corporations (MNCs) such as Wal-Mart began adapting blockchain
technology in order to enhance its quality control over its global food supply chain.
Moreover, some operators of the stock market and bank investors have started to

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integrate blockchain technology in order to maximize their back-office operations
(Campbell-Verduyn, 2018).
Aforementioned, it shows how the rapid integration of blockchain technology in
the global political economy paved way for cryptocurrencies to follow across
international borders without full government intervention because it started first from a
decentralized nature in which private corporations, companies, and individuals began to
adopt another alternative in which it brings opportunities such as limited-liability, easy
and low-cost transactions around the world. Through globalization and rapid rise of the
internet, blockchain technology became an alternative financial transaction via
cryptocurrencies (e.g, Bitcoins) in the global economy.
In the contemporary IPE, the rise of cryptocurrency influences the shaping of
foreign economic policies of states around the world due to its positive and negative
implications on the global economy (Campbell-Verduyn, 2018). Hence, regulation is
essential in order to mitigate the risks posed by cryptocurrencies while at the same time
maximize the opportunities it offers.

Cryptocurrency Utilizing E-commerce as a Platform

Ecommerce, defined as electronic commerce or internet commerce, means the
buying and selling of goods or services using the internet and its types include the
following: business-to-business (B2B), business-to-consumer (B2C) or
business-to-government (B2G). With the current increasing digital innovations in the
world today, particularly in the field of finance, more people, including the financial
sector, stakeholders, and the academic world are interested in this kind of business
everyday. (Neethidevan, 2019) In addition to that, with people stuck inside the comfort of
their own homes due to the pandemic, the global ecommerce market grew and online
businesses boomed immensely from $3.354 trillion in 2019 to $4.981 trillion in 2021.
Cryptocurrency on the other hand, as a digital currency that relies on complex
encryption and utilizes a decentralized system to log and verify transactions, has an
important role in the field of ecommerce. Although it was only recently lodged into the
public consciousness, it has unlocked a new way to make transactions and has thus gives
online retailers in the ecommerce arena a new payment method option. According to

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(Ismanto et. al, 2019), cryptocurrency also has a potential on redefining the idea of trust
and increased security which is a major factor for e-commerce usage. Recent research has
started exploring the idea of using it for financial transactions, logistics and securing
contracts, consequently improving transparency of transactions while also making it
easier to communicate sensitive and confidential data.
Both concepts were dubbed as the “dynamic duo of the internet”, mainly because
they occupy the same digital world and make natural companions, as adding crypto
capabilities in the platform of ecommerce makes sense for an online consumer base.
Considered as an alternative payment system developed on the blockchain ledger, it has
found cultural cache as an alternative to traditional investments, traditional currency
types and traditional banking. This in turn increases the notion of how they are set to
impact the ecommerce industry.
The ASEAN Economic Community; Its Pillars and 2025 Blueprint
The ASEAN Economic Community is the economic collision of the 10 ASEAN
member states, just like any other economic collisions, its main goal is to promote
economic integration within the ASEAN member states. Furthermore, the AEC can be
best understood through the lens of neoliberalism, such that, it sees ASEAN as a
collective market that has a single manufacturing base. Thus, ASEAN is mainly
characterized by the free movement of goods and services, as well as multiple
investments once the goal of AEC is achieved. Having that in mind, ASEAN will most
likely be developed and become more appealing as a single investment destination if the
ASEAN community via the AEC is able to create and implement harmonized trade and
investment laws.
Furthermore, initiatives to establish the ASEAN Economic Community (AEC)
was made in 1992 when ASEAN leaders decided to collectively establish the ASEAN
Free Trade Area (AFTA). The AEC was then designated as one of the three pillars of the
ASEAN Community, along with the Political-Security Community and the
Socio-Cultural Community.
In fact, ASEAN has signed various agreements to aid in the consciousness of the
AEC, such as the following; the ASEAN Trade in Goods Agreement (ATIGA), the
ASEAN Framework Agreement on Services (AFAS), and many more. The past

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agreements formed by the AEC go to show that the AEC is a working Institution that has
passed various agreements and has contributed to a number of developments in the
ASEAN Economic region.
Moreover, the ASEAN Economic Community has established 4 pillars, namely;
Competitive Economic Region, Single Market and Production Base, Integration into the
Global Economy, and Equitable Economic Development. Specifically, based on the
scope of the aforementioned pillars, it is rational to claim that cryptocurrency falls under
the Competitive Region Economic Pillar, wherein AEC envisions the following:

● Intellectual property rights protection results in enhanced creativity, strong

innovation, and advanced technologies.
● Better legal infrastructure for electronic commerce
● Consumer protection

Furthermore, in order to continue expanding the AEC, ASEAN has recognized

the necessity to adapt to changing surroundings. As a result of the AEC Blueprint 2015's
execution, ASEAN developed the AEC Blueprint 2025. The blueprint lays out the AEC's
goals and objectives in order to keep the economies competitive on a global scale and in a
technologically advanced era. Global e-commerce has become an increasingly crucial
feature of the global economy as stated in the AEC Blueprint 2025's 3rd Characteristic
"Enhanced Connectivity and Sectoral Cooperation" in the section on E-Commerce (C3).
One of the goals of the AEC Blueprint 2025, is to develop an ASEAN Agreement on
E-Commerce to facilitate cross-border e-commerce transactions within ASEAN. The
following are only a few of the strategic measures that could be addressed under the
framework agreement:

● Work towards harmonization through coherent and comprehensive consumer

rights and protection laws;
● Work towards harmonization through a coherent and comprehensive legal
framework for online dispute resolution, taking into account available
international standards;

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 ● Promote interoperability and align e-commerce-related regulations and standards
to facilitate cross-border transactions;
● Coherent and comprehensive framework for personal data protection;
● Coherent and comprehensive regulations and standards to facilitate cross-border
transactions.

At the Senior Economic Official Meeting (SEOM) Retreat in Cebu, Philippines

back in November 2016, SEOM resolved to establish the ASEAN Coordinating
Committee on Electronic Commerce (ACCEC) in the framework of formulating an
E-Commerce Work Programme.

Cryptocurrency Opportunities
The paper entitled Cryptocurrency And State Sovereignty by Frebowitz (2018)
highlights the opportunities of regulating cryptocurrency which are:

● To Incorporate the Unbanked

○ This refers to less developed countries to include citizens who does not
have bank accounts, or those who does not have approximate acces to
banking institutions in their respective locale, hence, these people continue
to be excluded from bank access and other commodities in life that
requires a bank. With Cryptocurrencies, you don’t need a bank account or
a bank institution near your area, all you need is Internet in order to move
money. If developing countries ever decide to implement and regulate
cryptocurrency as a form of payment, the unbanked citizens would,
theoretically, have access to different commodities. According to the
paper, "financially integrating a third of humanity could create vast new
opportunities for global trade and poverty alleviation."
● To have Cheaper Transaction Costs
○ When compared to conventional money wire providers like BDO, a
government or developed cryptocurrency might significantly cut the cost
of international money transfers. There can be up to seven paid
intermediates in a standard credit card transaction between a client and a

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 merchant using conventional currencies, agents who are responsible for
either storing the identity of the users or ensuring that the proper monies
are moved from payee to merchant. Purchases done with cryptocurrencies
like Bitcoin, on the other hand, do not require the use of a third party, and
thus eliminating the need for costly intermediaries, which th
● To Bypass Sanctions
○ Cryptocurrency has the ability to easily bypass sanctions in a negative
way; however, for states facing economic sanctions, cryptocurrency
provides a form of economic relief. For one thing, cryptocurrency's ability
to transact and move wealth internationally without the use of third parties
provides sovereign states—and ostensibly those countries currently
subject to international sanctions, such as Venezuela or Russia—with the
ability to disregard international laws and policies. States can capitalize on
the disruptive enterprise that cryptocurrency promotes by developing a
state-backed cryptocurrency that is controlled by the state, or by
incorporating a stateless cryptocurrency as an additional form of money.
● To make cryptocurrency auditable.
○ Government could use the ability of cryptocurrency to keep a ledger of
every transaction to their advantage by adopting a state-created
cryptocurrency to audit money flows and strengthen AML/CTF laws.
Governments could create a trackable cryptocurrency similar to Bitcoin;
however, the proposed state cryptocurrency system would require
cryptocurrency users to register with the government and maximize user
identification. Due to cryptocurrency's ability to transact more cheaply on
a peer-to-peer basis than other electronic methods of transaction, the
government cryptocurrency would incentivize users to register. Moreover,
this would further promote cryptocurrency's legal use and in the process
discourage the illegal use of other cryptocurrencies. The system would
discourage illegal actors from using cryptocurrency through the
registration requirement.
● Secure Technology

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 ○ The blockchain provides efficiency for online transactions, in terms of its
security and confidentiality. According to Ying et al. (2018), apart from
enabling the use of cryptocurrency, it is able to protect confidential
information and eliminate the intermediation from any institutions (lack of
regulation). The blockchain technology is very secure mainly because
fraudsters will not be able to commit such a crime as one cannot change
nor validate several ledgers at the same time (Bariviera et al., 2017). Its
security, however, can be broken if fraudsters themselves are able to
control a huge amount of stake in the blockchain in the proof of work hash
power (computing power controlling capability; it is needed by
cryptocurrency networks to function continuously.)
○ Furthermore, Cryptocurrency And State Sovereignty by Frebowitz (2018)
also highlights 4 broad classes outlining how a sovereign state can control
virtual currencies without outright prohibiting them, which are:
● Informational/ Moral Suasion
○ Such as having public warnings, promoting general educational drives on
investing and purchasing cryptocurrencies, as well as its threats and
making research papers available to the public.
● The Regulation of Specific Entities
○ This refers to the regulations on specific stakeholders, such as privately
owned financial institutions. For example, the regulation of minimum
consumer protection requirements to which the exchange or other
institution would be subject. Another example is the requirement for
locally owned exchanges to keep audited records to regulatory bodies as
needed.
● Interpretation of Existing Regulations
○ This refers to the interpretion of state's existing laws so that
cryptocurrencies fall under the existing legislative framework.
● Creation of Broader Regulations to Target Cryptocurrencies.
○ This refers to the combination of all the aforementioned. For example, the
CPMI proposes that state authorities develop broad anti-money laundering

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 (AML) and counter-terrorist financing (CTF) regulations that would
encompass all cryptocurrency transactions, payment methods, and
cryptocurrency exchanges under a single regulatory law.

Cryptocurrency Threats
Despite the opportunities presented by cryptocurrencies, it also generates threats
that are dual in nature: (1) the State, Country and Society Threat and (2) Users of
Cryptocurrency Networks Threats (Amanzholova & Teslya, 2018).

● Undermines National Monetary Sovereignty

○ Due to its unregulated nature, further use of Bitcoins or Altcoins in
transactions for goods and services will narrow down the power domain of
monetary authorities.
● Tax Evasion
○ Due to its anonymity and pseudonymity in transactions, it is impossible to
track its origin which leads to the possibility of avoiding tax liabilities.
● Illicit Transactions
○ The decentralized and anonymous nature of cryptocurrency leads to illegal
funding activities and laundering of money. The case of Silk Road was
notorious for illegal activities ever recorded.
● Blockchain Transactions are not free from Drawbacks
○ Since transactions are irreversible, if payments are done incorrectly,
retrieving the lost crypto-money will be impossible.
● Phishing
○ Some people will be prone to transacting money to false address, thus
making participants for cryptocurrency transactions prone to threats
especially when operations deal with valuable information.
● Existence of Manipulative Fraudsters
○ Despite blockchain technology having a secure combination of transaction
records, it is still not free from website hacking and cyber thefts of highly
confidential data. One prominent case is the bankruptcy of the Japanese
cryptocurrency exchange Mt.Gox. Hence, the anonymity of users in

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 cryptocurrency transactions makes it hard to find and hold accountable the
fraudster/s.

Additionally, the appointed Inter-Ministerial Committee (IMC) identified several

threats in the existence of private cryptocurrencies in the Indian Economy (Chakravaram,
Ratnakaram, Agasha, & Vihari, 2020). Some of these identified threats are listed below:

● Wide Entrance and Narrow Exit

○ Due to ongoing large private cryptocurrency investments, it may cause a
chain reaction damage to individuals and organizations to pull out their
investments especially when there is a crypto collapse.
● Currency and Price Volatility
○ The complex predictability on the raising and lowering of cryptocurrency
values may create a lot of speculative losses to the investors. Moreover it
does not have a fixed or constant range of pegged value; hence there is no
pricing policy.
● Intangible and Illiquid Natured Investment Assets
○ Since it cannot be directly converted to fiat cash for emergency funds, it
degrades convertibility and insurability.
● Created by Private Entities
○ Since it is not regulated and created by the government, prosecuting
someone when something goes wrong will be difficult. Cryptocurrencies
pose threats from national scale to international scale. It depicts how
regulation of cryptocurrency as trading, investment, and payment are still
left in the gray area (Laksono & Nugraha, 2021).
● Environmental Footprint
○ Crypto miners – people who utilize artificial intelligence that requires high
energy consuming machines in solving complex algorithms to achieve
more access to crypto-transactions relies on a "Proof of Work"
methodology, wherein there is a rise of competition on who will solve the
complex algorithms first. The energy utilized by these crypto operations

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 contributes a large amount of CO2 emissions due to how it requires
massive electricity consumption.

Cryptocurrency in the ASEAN Region

As postulated by the Global Cryptocurrency Benchmarking Study (2017), there is
an increase of cryptocurrency utilization and transaction in the market done by various
companies in the Asia-Pacific since 2016 was evident. The rise of digitization in
Southeast Asia influenced the people to adopt cryptocurrencies especially that Amazon
and Microsoft already started to accept Bitcoin as a mode of payment (Laksono &
Nugraha, 2021). With that being said, the notorious deregulation in the Southeast Asia
region in terms of cryptocurrency-related activities will have an impact not only in the
national but also in the regional economy once a cryptocurrency bubble bursts.
By the end of 2017, Bitcoin reached a peak of almost US$20,000 due to its
increasing demand in which its value was getting higher compared to fiat money
(Laksono & Nugraha, 2021). In the ASEAN region, all member states allow the flow of
cryptocurrency with only Singapore imposing taxation for crypto trading. However, the
majority of the ASEAN member states does not have a legal status in terms of monitoring
and regulation in using cryptocurrencies as payment methods. Since there is already an
existing ASEAN Economic Community (AEC) in handling digital financing, leaving
cryptocurrency in the gray area may affect the initiative of the AEC. Nevertheless, the
existence of the ASEAN Work Programme on Electronic Commerce (AWPEC) regulated
e-commerce cross-border transactions in ASEAN sheds light on how it can be a tool for
regulating cryptocurrency in the ASEAN region.
The paper entitled Time for An ASEAN Digital Currency? by Loh (2020) talks
about Regional Interests to have an ASEAN digital Coin. Specifically, according to a
2019 Bain analysis, seven out of ten Southeast Asians are underbanked or unbanked,
meaning they lack "access to credit cards or long-term savings products" or "basic bank
accounts." Millions of unbanked and underbanked ASEAN citizens and small enterprises
could benefit from an ASEAN digital currency. It highlights how an ASEAN digital coin
has the potential to be dramatically transformational because it is connected to the current
discoveries in the fields of "decentralized finance" and "smart contracts." This will also

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complement existing ASEAN initiatives including the ASEAN Free Trade Area (AFTA),
the ASEAN Investment Area (AIA), and the ASEAN Connectivity 2025 agenda. The
emphasis on building ASEAN as a "single market and production base" and having a
"free and open investment regime" may benefit immensely from an ASEAN Coin. A
fisherman in Indonesia, for example, could theoretically connect to the ASEAN financial
ecosystem using a smartphone – and do business directly with other ASEAN companies
and end consumers – without having a bank account.
Loh also highlights how Financial inequality may not be the defining unfairness
of the near future, but rather technological inequality. As a result, discussions for an
ASEAN currency, focusing on financial inclusion and ASEAN competency, should begin
immediately.
The European Union, for example, has accelerated its efforts to investigate how a
digital euro could be launched, and public consultations have been ongoing since October
12 of this year. While the Economic Community of West African States (ECOWAS)
recently introduced a single currency (the eco), crypto enthusiasts argued that it was a
missed opportunity to digitalize the currency using blockchain technology. It is therefore
timely for ASEAN to begin discussions about the possibility of a CDBC and what such a
'ASEAN Coin' might look like.

Existing Cryptocurrency mechanisms of each ASEAN member states

The study entitled Cryptocurrency Regulations: Institutions and Financial
Openness by Shirakawa and Korwatanasaku (2019) points out that despite
policymakers' knowledge of the risks of bitcoin, legislative positions on cryptocurrencies
vary by country, with some nations allowing it to be used, others remaining mute on
regulation, and others outright prohibiting it.
Shirakawa and Korwatanasaku were also able to point out that while some
countries, such as Nepal, Pakistan, and Vietnam, have outright bans on cryptocurrency,
the majority of countries do not regulate or promote it. Cryptocurrency operations had
been registered and licensed in a number of countries, including Italy, Australia, and
Japan. Furthermore, according to the paper, quality of governance can also influence the
policy stance taken toward cryptocurrency.

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 The risks of cryptocurrency are undeniable, but policies regarding it vary greatly.
Cryptocurrency, with its growing presence in financial markets, cannot be ignored,
particularly by policymakers. Policymakers have been vocal about issuing warnings, but
not all have taken action to prohibit or regulate it. Even the policy choice of no regulation
is a policy decision in and of itself, because policymakers are not prohibiting, but rather
allowing people or businesses to engage in cryptocurrency transactions at their own risk.
To gain a better understanding of the ASEAN region, each member state’s
cryptocurrency policy and regulation will be discussed in greater depth.

Brunei
According to the Press Release by the Autoriti Monetari Brunei Darussalam
(AMBD), which is a statutory body that serves as Brunei Darussalam's central bank and
is responsible for several core functions such as monetary policy formulation and
implementation, financial institution regulation and supervision, and currency
management; Brunei has issued little guidance on cryptocurrencies, other than to warn
the public about the risks involved. Most notably, on December 22, 2017, the Autoriti
Monetari Brunei Darussalam (AMBD), the Central Bank of Brunei, issued a statement
reminding the public that "cryptocurrencies are not legal tender in Brunei Darussalam
and are not regulated by AMBD," and advising the public "to be vigilant and exercise
extreme caution when dealing with such privately issued currencies." Furthermore,
Bitcoin and other cryptocurrencies are not legal tender, according to AMBD. Legal
tender is defined as any officially recognized medium that can be used for commercial
exchange and debt payment. So far, the money that people have known and used is legal
tender. The government of the country issues them and thus recognizes them. In a
nutshell, people can pay for things like bills, goods, and services with legal tender
currency. Cryptocurrency is not recognized as legal tender in Brunei by the AMDB.

Cambodia
Among all the other ASEAN countries, Cambodia was able to launched its first
central bank digital currency (CBDC) in the National Bank of Cambodia on October
2020. The app called “Bakong” allows users to pay simply scanning a QR code or

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entering the payee's phone number. Furthermore, the adoption of blockchain technology
reduces expenses for both banks and customers, encouraging small enterprises in the
country to digitize. Bakong presently has over 20 local financial institutions as partners.

Cambodia’s main purpose in launching Bakong is to improve financial inclusion

in Cambodia. In addition to banks and financial institutions, the country now has 24
payment services institutes (PSI) that primarily provide mobile payments as well as
e-commerce services. Private enterprises will increase their savings by not having to
create their own networks and infrastructure. It would also push financial institutions to
provide new services to the country's substantial unbanked population as well as
technologically aware individuals. Statistically speaking, in 2019, the number of people
using e-wallets climbed by 64% to 5.22 million, which is definitely a substantial growth
in a country where just 5% of people have a bank account.

Indonesia
Cryptocurrency has recently acquired popularity in Indonesia, and the government
is looking into its possibilities as an investment tool. The central bank, on the other hand,
recently stated that cryptocurrencies are not a legitimate payment method. The usage of
cryptocurrencies as a payment mechanism is not approved by banks.
Crypto asset trading was finally authorized and proclaimed legal by Ministry of
Trade Regulation No. 99 of 2018. The Indonesian Commodity Futures Trading
Supervisory Authority, or Bappebti, also adopted Regulation No. 5 of 2019 to create a
comprehensive legal framework for the future of crypto-assets. According to data from
the Blockchain, the number of investors has climbed by 280 percent since 2020, from 1.5
million to 4.2 million, with a daily trading volume of USD 117.4 million. Moreover, there
are only two existing Cryptocurrency regulation in Indonesia, which are:
● Bappebti Regulation No. 7 (2020): Bappebti has compiled a list of 229 crypto
assets that can legally be traded on future exchanges.
● Bappebti Regulation No. 5 (2019): Bitcoin has been classified as a commodity, as
have the regulatory standards for cryptocurrency exchanges.

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 Aside from the 229 cryptocurrencies that will be traded in Indonesia, Bappebti
Regulation No. 7/2020 defines prospective crypto-asset physical traders and crypto-asset
physical traders as platforms where customers can buy and sell crypto-assets.

Laos
The Ministry of Technology and Communication (MOTC) recently issued their
decision on Digital Asset Transactions No. 888/MOTC dated 9 November 2021 which
provides regulatory guidance in relation to digital asset transactions utilizing blockchain
technology in Lao PDR. This decision explained that “Digital Assets” are classified as
either (i) Cryptocurrency; or (ii) Digital tokens, which further defined as an electronic
data created as coin system to be utilized for specific purposes by the creators of the coins
or for determining the rights of any persons in the receipt of goods or services or
co-investment. It also identifies the distinction between “Investment Tokens” and “Utility
Tokens”, and however has not yet provided definitive details relating to how such
Investment Tokens may interact with applicable investment promotion or securities
regulations.
Recently, the Lao PDR government announced that they authorized six Lao
companies to undertake cryptocurrency trade and mining operations relating to Ethereum,
Bitcoin and Litecoin, and deals with the standards and conditions applicable to the
exploitation of cryptocurrency transactions. Furthermore, they aim to further regulate
cryptocurrency exploitation transactions in which operators must first obtain a license
from the MOST and have entered into a power sale and purchase agreement with
Electricite du Laos, including the approval by the Ministry of Energy and Mines. The
decision also includes further guidance with respect to the implementation of proposed
secondary market participants in Lao PDR, with the intention of cryptocurrency sale and
purchase transactions to occur in Lao KIP within specific OTC service providers and
deals with certain e-KYC and identification requirements for customers wishing to
transact in digital assets within the Cryptocurrency Sale and Purchaser centers. retrieved
from Law on Securities (Revised) 2019 (Laos).
Malaysia

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 The Central Bank of Malaysia does not officially forbid cryptocurrency trading,
but, also, at the same time, are continuously monitoring the development of the
cryptocurrency to protect the public interest. The Malaysian authorities seek public inputs
at the same time to be considered in the regulatory structure that they developed for
cryptocurrency, stressing that they are aware that it will be common and rampant shortly,
as suggested in various media. (bernama.com, 2017). They aim to evaluate the awareness
of cryptocurrencies among the Malaysian public, tested certain determinants, and came
into the conclusion that almost three quarters of the respondents were aware of
cryptocurrency, but none owned even one. Among the determinants, age group, ethnicity
and occupation status were found to have influenced respondents’ awareness about
cryptocurrencies, indicating that age groups, especially towards older people, should be
given more emphasis as they are less exposed to the current development in information
and communication technology compared to the younger generations.
The findings also indicate that information literacy about cryptocurrency is not
symmetrically distributed among ethnic groups, mainly because according to Sabri et al.
(2012), they are more influenced by religion in their daily lives particularly in financial
matters compared to other ethnicities. The results also show that occupational status also
affects the awareness of cryptocurrency. Respondents who are employed tend to be more
aware of cryptocurrency than students and unemployed respondents, well understood that
they are more aware of advances in financial technology as they are more exposed to it as
included in the nature of the employment itself.
Lastly, the study also found that all of the respondents geared towards online
payment methods than cryptocurrencies, such as credit cards, debit cards, and PayPal.
This preference or notion made a significant difference based on gender, education, and
occupation status as people who are used to one type of online payment method seem to
be reluctant to change to a new online payment method, as Chen et al. (2017) and Polasik
et al. (2015) suggested. To conclude, the awareness and non-awareness of the existence
of digital currency, significantly differs according to age, ethnicity, and occupation in
Malaysia. Moreover, although people are aware of its existence, they remain reluctant to
use cryptocurrency as an online payment method as they are more comfortable with more
conventional methods.

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 If it is an interest of the government to promote the use of cryptocurrencies,
necessary exposure campaigns as well as guarantee of control and security should be
made a priority.

Myanmar
The Central Bank of Myanmar (CBM) issued two warning statements last May 3,
2019 (type of cryptocurrency that was banned from being traded was not disclosed, but
issued as a warning) and May 15, 2020 (issued statement about the restriction of
cryptocurrency transactions and prosecuting violators, but did not specify the exact type
of penalties) against the use of cryptocurrency in the country as it is still not widely used
by its citizens and has no legal permission to utilize it.
Myanmar, being a small underdeveloped country compared to other Southeast
Asian countries, consists mostly of citizens living below the poverty line, who are rarely
exposed to technology. These lower-class people who barely make both ends meet may
not be interested in anything else, apart from working to make a living and support their
families. Cryptocurrency, on the other hand, requires a high level of digital skills as it is
based on the notion of blockchain, hence it is important that users must have the ability to
easily learn and master the basics of digital literacy. Thus, raising the living standards of
the country indirectly depends on the proliferation of digital currencies, such as crypto, as
Myanmar lacks easy access to proper tools and information related to technology and
finance. So in instances where the Central Bank of the Republic of the Union of
Myanmar legally allows the use of cryptocurrency, Myanmar citizens would be faced
with a variety of impacts, both advantageous and disadvantageous.
In addition, with the political instability in Myanmar, the reliability of citizens
upon the banks is declining as a result of the current military coup, however, it is also
gaining traction on social media at the same time mainly because when the National
Unity Government (NUG) announced that people would be able to donate money using
cryptocurrencies such as Tether (USDT) and Binance (BUSD), it lead to a resurgence in
the use of digital currencies and more and more people become interested in a
decentralized cryptocurrency.

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 Myanmar, as mentioned above, is poor and underdeveloped compared to its
neighboring countries, hence raising the concern of whether the citizens will utilize
cryptocurrency in the near future as it requires the ability to easily learn and master the
basics of digital literacy. Given the uncertainties, the government needs to have a strong
legal and technical infrastructure to protect its users, in case the government legally
allows its use.

Vietnam
Bitcoin first appeared in Vietnam at the end of 2013 and at the beginning of 2014
in Hanoi and Ho Chi Minh City. At present, In Vietnam, Bitcoin has been traded but not
recognized by the government as a currency or means of payment, has not been managed
and put under control, with the informal cryptocurrency transfer activities being
developed relatively even spreading in rural areas, accompanied by fraudulent activities
and lack of transparency.
The first Bitcoin dealer named Bitcoin Vietnam was set up at Bitcoin.vn, forming
the Bitcoin VBTC Exchange in March 2014, the first Bitcoin ATM machine on June 5th
2016, and in 2 years of 2016-2017, nearly 1000 Bitcoin diggers were imported to
Vietnam, signifying that the country is slowly adapting to this kind of change in terms of
technology. Last 2017, the Prime Minister approved the project of improving the legal
framework for management of virtual assets, electronic currency, digital currency,
including Bitcoin. However, cryptocurrency as monetary currency or utilizing it as
payment is considered illegal as stipulated by the State Bank of Vietnam (SBV), hence
submitting the government to issue the Decree 80/2016/ND-CP stipulating sanctions on
administrative fines to illegal issuance, provision and use of payment instruments. In
essence, the SBV believes that cryptocurrency is virtual assets (often called coins).
However, both their Civil Code of 2005 and the Civil Code of 2015 doesn’t have
definitions and specific regulations yet on governing virtual properties (including
cryptocurrency).
It is undeniable that the emergence and development of algorithmic currency
morphology is indispensable in the current Industrial Revolution Era 4.0. However, the
governments of many countries in the world, including the Government of Vietnam, need

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to ensure the safety in compliance with the control and regulatory capabilities of the
central government and central banks in relation to cryptocurrency.

Philippines
The Philippine government does not restrict the use of cryptocurrencies only if it
abides to the issued Guidelines for Virtual Currency Exchanges (BSP Circular No. 944,
or “Circular”) from the Bangko Sentral ng Pilipinas (BSP) which serve as rules and
regulations in overseeing Virtual Currency (VC) Exchanges in the country. Hence,
cryptocurrencies fall under the category of Virtual Currencies (VCs).
As postulated by the BSP, VCs refer to “any type of digital unit that is used as a
medium of exchange or a form of digitally stored value created by agreement within the
community of VC users”. Digital units are being recognized and considered if: (1) it has a
central legal ledger, (2) it is dispersed and unregulated in which it has no central legal
ledger, (3) it is accumulated from crypto mining. In contrary, VCs exclude: (1) e-money
that falls under the category of Section X780 of the Manual of Regulation for Banks
(“MORB”); (2) digital money that cannot be converted to fiat money in real-world goods
or services that is used solely for online gaming platforms; and (3) rewards systems, for
example, utilization of digital units with stored value that are only redeemable for
products or services from a certain ledger.
The existing Circular issued by the BSP is the closest way for the Philippines to
regulate VCs when used for delivery of financial services, particularly, for payments and
remittances. In those ways, it can mitigate or prevent money laundering and terrorist
funding. Hence, utilization of services done via VCs must be registered with the BSP and
abide by its rules and regulations. But to make it clear, the BSP does not recognize
Bitcoin as legal tender. The issuing of the Circular was due to the rising use of VCs in
terms of remittances and payment transactions.

Singapore
The central bank and financial regulatory authority in Singapore which is the
Monetary Authority of Singapore (MAS) only issued specific guidelines about digital
token. This means that it is still not an act because it only serves as a guideline as to how
cryptocurrencies are related to the Securities and Futures Act (SFA). Although it still

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does not have binding powers towards cryptocurrencies, the MAS clearly stated that "if a
digital token constitutes a product regulated under the securities laws administered by
MAS, the offer or issue of digital tokens must comply with the applicable securities laws
(i.e., Securities and Futures Act (SFA) and Financial Advisers Act (FAA)." Additionally,
cryptocurrency exchanges come with risks, it is subsumed by the Anti-money Laundering
and Counter-terrorism Financing (AML and CFT) measures as traditional fiat currencies.
Hence, digital tokens that are considered to be capital market products that can then be
regulated.
MAS does not directly regulate virtual currencies, instead it regulates the
activities that come from virtual currency transactions especially if it poses some risks.
Under the Payment and Services Act of 2019, it only allows crypto companies to operate
after getting a license. Cryptocurrencies are not yet considered as legal tenders in
Singapore; they are considered as goods that can be utilized for exchange. Furthermore,
taxation for cryptocurrencies is being implemented in Singapore. It does not include (1)
trading and transacting of cryptocurrencies on individuals except companies, (2)
exchanging crypto for fiat currency, and lastly (3) it does not have capital gains from the
incomes of trading and/or holding cryptocurrencies. The existing regulatory sandbox
adopted by Singapore in dealing cryptocurrency depicts that the government is pro-crypto
in which it continues to formulate mechanisms that will ensure digital safety and welfare
for the people.
In terms of literacy enhancement the Singaporean government highly promotes
learning of cryptocurrency and blockchain technology through Skillsfuture in which it
teaches about e-commerce, digital marketing, and cryptocurrency transactions.

Thailand
The Bank of Thailand (BOT) does not consider cryptocurrencies as legal tender,
instead they recognize them as digital assets in accordance with the Royal Decree on
Digital Asset Business 2018. This means that digital assets will only be traded and
exchanged if it goes under the governance and licensing by the Thai Securities and
Exchange Commission (SEC) through the Royal Enactment on Digital Asset Businesses
(REDA) 2018. As of now, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Stellar

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(XLM) are the approved digital assets by the SEC. Nevertheless, it is still prohibited for
local banks and financial institutions to have transactions with cryptocurrencies. With
that being said, it is required for individuals to disclose their user information when doing
crypto transactions. This is in line with the know-your-customer (KYC) requirements.

In terms of taxation, incomes from products accumulated using digital assets in

undergoing transactions are regulated in accordance with the general taxation principles
outlined in the Royal Decree and Amendment of the Revenue Code of 2018. Hence,
fifteen percent (15%) tax is placed down to intangible assets with capital gains that is
applicable to both locals and foreigners. This means that people who handle digital assets
must include their income on their annual returns. In contrast, there is still no existing
withholding tax rate of capital gains for corporate entities in Thailand who utilize
cryptocurrency transactions.
For security purposes, the BOT is now in the process of creating Retail Central
Bank Digital Currency (CBDC) in order to satisfy the demands of the public and increase
access to financial services. Furthermore, the Thai Anti-Money Laundering Office
(AMLO) began to require customers doing local digital exchanges to physically present
themselves through a "dip-chip" machine when establishing new accounts or transactions
using cryptocurrency. In cases of transactions that go beyond the value at 100,000 baht,
additional demographics and working information is required.

Existing collective action by different Regional Blocs

The paper entitled Toward a Crypto-Friendly Index for the APEC Region written
by Novak et al. (2018) introduces a new index that measures the degree of public policy
accommodation toward the use of blockchain technology. The index covers the 21
Asia-Pacific Economic Cooperation (APEC) member countries, which represent a
significant bloc of global production, trade, and economic development. The
crypto-friendly index includes indicators related to four broad categories of blockchain
policy: (i) the degree of policy restraint toward cryptocurrency initial coin offerings; (ii)

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the degree of policy restraint toward cryptocurrency exchanges; (iii) taxation treatment of
cryptocurrencies; and (iv) the type and extent of general public policy interest in
blockchain-related activity. Based on data and information available as of October 2018,
the index results show that there is significant variation among APEC countries in terms
of their level of crypto-friendliness.
The report entitled Regulation of Cryptocurrency in Various Jurisdictions All
Over the World prepared by Niji Oni and Co; a specialized law firm, was able to discuss
the different regulations of cryptocurrency in various jurisdictions across the world. It
specifically discusses;USA, Canada, China, Hongkong, and Eastern Caribbean Central
Bank. Specifically, we will be focusing on the cryptocurrency regulation in the Eastern
Caribbean.
European Union
In the European region, there is still no existing regulatory framework for
cryptocurrency exchanges at the regional level. From licensing to taxation varies from
each member state. But it is clear that the region broadly considered cryptocurrency as
legal. In terms of giving awareness in the region, the European Supervisory Authorities
for securities (ESMA), banking (EBA), and insurance and pensions (EIOPA) altogether
provided warnings regarding to the use of virtual currencies due to its risky and
unregulated nature which is not recommendable for money savings, investments, and
pension retirements. This led to the proposal of the Markets in Crypto-Assets Regulation
(MiCA).
Last 2020, MiCA draft legislation was introduced in order to serve as a guiding
legal frame for crypto-asset markets within the EU. It aims for a regulatory treatment of
crypto-assets that are not subsumed by existing financial service laws. Moreover, it
promotes supervision for cryptocurrency-related activities, protection and integrity for
high level consumers and investors in crypto-asset markets, give solution to the wide
utilization of crypto-assets that may disrupt financial stability and monetary policies, and
to mitigate illicit activities such as money laundering, funding of terrorists, and
blackmarket purchases (Deloitte, 2022). During March 14, 2022, a European Union
Parliament committee voted 31-4 for the advancement of MiCa draft legislation (Fonda,
2022). As postulated by Stefan Berger, a German member of the parliament, the

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advancement shed light for innovation-friendly crypto-regulation standards that can be
set worldwide. Furthermore, as postulated under Article 81 of MiCA, the European
Securities and Markets Authority ("ESMA") and European Banking Authority (EBA)
were the identified EU institutions to work with the member states in applying the
provisions of MiCA. In general, the former handles supervision on the issuance of asset
referenced tokens (ARTs), also called “stable coins”, while the latter deals with
supervising e-money tokens primarily used for payments (Deloitte, 2022). The main role
of EBA is to regulate financial stability in the EU banking industry by ensuring
transparency exercises such as consumer and investor protection and quality control over
new bank instruments. Last 2010, it was created by the European Parliament in which it
replaced the Committee of European Banking Supervisors (CEBS) (Majaski, 2020). On
the other hand, last January 2011, ESMA replaced the Committee of European Securities
Regulators (CESR) which was a network of National Competent Authorities (NCAs) that
consistently oversaw financial activities across the EU and acted as an advisory body to
the European Commission. It is an autonomous European Union (EU) Authority that
safeguards the stability of the financial system in EU through (1) risk assessments of
finance stable, investors, and consumers; (2) establishing a single standardized rule book
for EU financial markets; (3) promoting a united initiative for supervision; and (4)
supervises specific financial institutions directly (About ESMA, 2021). Due to the
capacity of EBA and ESMA in terms of transparency, protection, and supervision of
financial-related activities in the EU, both were established by the MiCA draft legislation
in order to handle cryptocurrency-related activities in EU since both have the capacity to
do so as postulated under Title VII Chapter 1 of the MiCA.
The existing mechanism to mitigate the threats posed by cryptocurrency is EU’s
Sixth Anti-Money Laundering Directive (6AMLD) wherein it acts as directive that
subsumes cryptoccurency transaction as a potential threat in terms of terrorist funding
and money laundering the same as how they treat tradition fiat currencies and
transactions. Furthermore, the European Commission (EC) announced a Public
Consultation Initiative wherein it guides how cryptocurrency assets are added in the EU's
existing regulatory framework.

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 As of now, last April 2022, the European Parliament commenced negotiations
with member states in order to have a supranational Anti-Money Laundering Authority
for Europe (AMLAR). The proposal is still in the process of being legislated since the EU
still needs to scrutinize the opportunities and threats posed by virtual currencies within
the region for both public and private sectors. That is why, as of the moment, it placed the
issue of cryptocurrency under its 6AMLD. Additionally, since MiCA draft legislation got
majority votes from the European Parliament Committee, it now advances to a trilogue
process to be done by the European Council, Commission and Parliament in order for it
to be implemented across the EU.

Asia and the Pacific

After the 2017 rise in cryptocurrencies and Initial Coin Offerings (ICO), and the
several hacks of digital currency exchanges early 2018, regulating cryptocurrencies has
become a priority for the countries in the Asia Pacific region. Broadly, the regulators
must tackle the three main questions and these are the following: whether they are legal;
whether cryptocurrency exchanges operate (and if so, how); and whether Initial Coin
Offerings should be allowed (and if so, how). The notion is very fragmented, the reason
for it being that digital currency is a disruptive, quickly changing technology.
For most countries, cryptocurrency exchanges are legal (the main exception is
China), although there is a tendency that is clear to have them register with the financial
markets supervisory authority – or equivalent of it. Similarly, ICOs have been declared
illegal in China, while countries such as Singapore or Switzerland have a reputation for
being ‘friendly’ to cryptocurrencies (Switzerland’s Financial Markets’ Supervisory
Authority has prepared clear guidelines for ICOs). The diverse picture of these countries
highlights the importance of coordination: given that cryptocurrencies are not limited to
any national jurisdiction, coordinated approaches can greatly enhance the effectiveness of
regulation (BIS, 2015) – but of course, regulation should be decided first.
The international community must allocate great importance to cryptocurrencies,
and especially blockchain, as efforts to reach international agreement on basic ideas
should be considered necessary and urgent. Some of these elements may shape the future
of finance, monetary policy and possibly, other sectors and policy areas as well.

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Page | 38
Theoretical Framework

Figure 1.

Figure 1. depicts how the nature of cryptocurrency falls under a decentralized market that is liberalized, deregulated,
and privatized in which it can be understood under the lens of neoliberalism (Trzcionka, 2018). Given the threats posed by
cryptocurrency related activities in the ASEAN region, it is essential to oversee its movement across borders of each ASEAN
member state because it can disrupt cross-border electronic transactions (Laksono & Nugraha, 2018). Even if a certain member
state has tight regulations towards cryptocurrency-related activities, the threats posed by the aforementioned can still go
beyond its borders. Hence it is crucial to have a regional approach in overseeing the said activities.

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 The lens of supranationalism is utilized in the sense that an existence of an authority that transcends beyond the
national boundaries, deemed capable of imposing its will and whose decisions are binding to its members is significant to
oversee activities such as cryptocurrency. The regional institutions significantly contribute towards the decision making
process, taking into account the regional framework in order to have a uniform approach in matters that would greatly affect
each member of the union.
Due to the decentralized nature of cryptocurrency, the lens of supranationalism can postulate the importance of
supranational institutions and its framework to have a regional approach in which this study will adopt the ISO 27001
Framework that will be used to specifically identify an institution under the ASEAN Economic Community that has the
capability to oversee cryptocurrency-related activities in ASEAN.

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Conceptual Framework

Figure 2.

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 Figure 2. depicts how the study will run through its course. Through the variables
listed above, it can correlate its elements to the possible AEC institutions together with
existing threats and opportunities of cryptocurrency via ISO 27001 Framework
(Independent Variable). Since the framework does not work independently, its application
depends on which context or institution it will be used (Belding, 2021). Hence, it needs to
have a grasp on what are the security risks, threats and vulnerabilities the institution is
currently or will be facing. The use of 27001 Framework will then aid in specifically
determining which AEC institution (Dependent Variable) has the capacity to oversee
cryptocurrency related activities in the ASEAN region.

RESEARCH METHODOLOGY

Research Environment

This study will be conducted within the ASEAN region. Specifically, this includes
the 10 Member States of ASEAN; Indonesia, Malaysia, Laos, Myanmar, Cambodia,
Philippines, Singapore, Thailand, Brunei, and Vietnam. The ASEAN is a political and
economic union of ten Southeast Asian nations that promotes intergovernmental
cooperation and enables economic, military, academic, political, security, and cultural
integration among its members and other Asian nations. The ASEAN will be appropriate
for this study mainly because the identified Scope, as well as the Statement of the
Problem of this study focuses on the ASEAN region. This study also aims to analyze and
identify an institution under the ASEAN Economic Community (AEC) that has the
capability to oversee cryptocurrency-related activities in ASEAN based on the ISO 27001
Framework.

Research Respondents

In selecting the respondents for this study, a heterogeneous purposive sampling

technique will be utilized. The basic principle of the sampling technique is to gather
greater insights from respondents on different angles which can aid the study to identify
similar themes that are relevant across the sample (Rai & Thapa, 2015). In those ways, it
can grasp a wider variation of perspectives about cryptocurrency. The researchers will

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select five (5) respondents which will be composed of three (3) regular cryptocurrency
traders/users, one (1) cryptocurrency trading coach, and one (1) personnel/representative
from the AEC.

The aforementioned respondents for the study’s interview process will be people
who satisfies the following qualifications:

● Has adequate knowledge about cryptocurrency- For the interviewee to understand

the questions that the researchers postulate, he/she needs to have an adequate
knowledge about cryptocurrency. Understanding the ‘hows and whys’ of
cryptocurrency also makes the conversation/ interview process more fruitful.
● Has been a cryptocurrency user for at least 6 months- In connection with criteria
no.1, a respondent who has been a cryptocurrency user for at least 6 months will
ensure that the answers derived from the interviewee will not just be based on
knowledge alone, but also based on personal experience.
● Has current cryptocurrency investments- The interviewee must have current/
present cryptocurrency investments for him/ her to be able to empathize with the
key risk and threats of cryptocurrency-related activities, as well as its
opportunities. The interviewee will also be able to provide insights when it comes
to his/ her personal experience with dealing with cryptocurrency.

Research Instruments

● Structured, Open-ended Interview Questionnaire

○ Information collected from this tool will be analyzed through a thematic
analysis in order to identify similar themes from a wider variation of
perspectives about cryptocurrency. In relation with the theoretical
framework, the themes that will be established can support the theory that
cryptocurrency is under neoliberalism.

● ISO Framework-AEC Institution Capability Checklist

○ The study will focus on the institutions under the AEC in order to identify
which institution has the capability to oversee cryptocurrency-related

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activities. The adopted ISO 27001 Framework elements will be utilized to
identify which institution under the AEC has the capability to oversee
cryptocurrency-related activities in ASEAN. In those ways, it can support
the theory that supranationalism can be used to explain how a regional
institution is essential to oversee cryptocurrency-related activities in
ASEAN. Hence, the ISO Framework-AEC Institution Capability Checklist
tool will be utilized to perform a capability assessment of each identified
AEC institution based on the elements provided by the ISO 27001
Framework in order to identify which specific AEC institution will be
best-fitted to oversee cryptocurrency-related activities in the ASEAN
region. Shown on the next page is the checklist tool formed by the
researchers that will be utilized in the study. Additionally, an elaboration
on the ISO 27001 Framework is also provided below.

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Table 1. ISO Framework-AEC Institution Capability Checklist

ASEAN Economic Community Institutions

ISO Framework
TELSOM ACCP ACCEC CPTFWG AWGIPC ACCMSME

Information Security Policies

Organization of Information Security

Human Resource Security

Asset Management

Access Control

Cryptography

Physical and Environmental Security

Operations Security

Communications Security

System Acquisition, Development and

Maintenance

Supplier Relationships

Information Security Incident Management

Information Security Aspects of Business

Continuity Management

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 ● ISO 27001 Framework

The framework was established through a joint-initiative between the

International Electrotechnical Commission (IEC) and the International Organization for
Standardization (ISO). It aims to provide a set of standards to promote Information
Security Management Systems (ISMS). Furthermore, it serves as a guide for both large
and small organizations to have an enhanced protection from threats posed by the internet
that is strategic, systematic, cost-efficient, and effective.
The ISO 27001 Framework covers various types of public (e.g., governmental
institutions) and private organizations of all sizes from micro to macro businesses in all
industries (e.g. retail, banking, defense, healthcare, education and government). It does
not work independently because its application depends on which context or institution it
will be used (Belding, 2021). Hence, it needs to have a grasp on what are the security
risks, threats and vulnerabilities the institution is currently facing. Moreover, it requires
an internal audit of the institution in order to identify which part needs improvement or
modification for enhancement of cybersecurity.

Lastly, the ISO 27001 provides benefits (i.e., cost-efficient security controls,
response to threats, data protection, and improved resilience to cyber threats) once it can
improve an organization' cybersecurity framework.

Research Procedures

The study will be conducted within the scope of the ASEAN region and among its
10 member states during the school year 2022-2023 at the University of San Carlos-
Main Campus.
The statement of the problem and its objectives were first established. The
theoretical framework was then formed on the basis of 2 theories; Neoliberalism and
Supranationalism. In order to achieve the desired objective, which is to determine a
specific institution under the ASEAN Economic Community that would be best fitted to
oversee cryptocurrency-related activities in ASEAN, the researchers opt to utilize an
Exploratory Research Design. When research problems are in the beginning stages of

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examination, this method focuses on gathering insights and familiarity for later
investigation and future related works.
When the rationale of the study was established, the researchers gathered various
literature that could support the study. The review of related literature is composed of the
following subtopics; IPE, cryptocurrency and the global economy, cryptocurrency as a
global economic model, e-commerce as a platform, understanding the ASEAN Economic
Community, opportunities & threats, cryptocurrency in the ASEAN region, and lastly, the
existing collective action by different regional blocs.
Through the use of a checklist tool derived from the ISO 27001 Framework, the
identified institutions under the AEC will be analyzed on the basis of the elements
presented by the framework. The institution that passes most/ and or a majority of the
elements of the said framework is hypothesized to be the ASEAN institution that is best
fitted to oversee cryptocurrency-related activities.
Furthermore, a letter of intent will be sent to the identified interviewees that will
pass the following qualifications; have adequate knowledge about cryptocurrency, have
been a cryptocurrency user for at least 6 months, and has current cryptocurrency
investments. The interviewees will undergo 5 questions from the study’s structured,
open-ended questionnaire. In the midst of the interview, a fellow researcher shall
document the interviewee’s respondents.
The results derived from the checklist tool and the ideas gathered from the
interview shall be analyzed alongside the different review of related literatures that the
researchers were able to collate.

Gathering of Data

The study will utilize exploratory research design. This type of design is utilized
when there is a need to study a general idea or a specific question that still has less to
none in depth or preexisting research (George, 2022). To elaborate, the design focuses on
explaining the different aspects of the study by starting with a general idea and utilizing a
research tool to help understand the topic more effectively since it still has less to none
pre-existing in-depth studies. Since there are still no existing in-depth research and
ASEAN institutions that oversees cryptocurrency-related activities in the ASEAN region,

Page | 47
an exploratory research design will aid the study to explore different ASEAN institutions
under the AEC, frameworks, and elements that will be utilized to identify a specific
institution under the AEC that has the capability to oversee cryptocurrency-related
activities in ASEAN.
A structured, open-ended Interview and ISO Framework-AEC Institution
Capability Checklist will be used to gather the data needed for this study. A structured,
open-ended interview will be the tool utilized in order to accumulate information from
cryptocurrency consumers and investors in which it can aid in explaining the
decentralized nature of cryptocurrency based on the chosen interviewees. A checklist on
the other hand, will be used as a tool to analyze the different documents of frameworks
from identified institutions in AEC which will then undergo the adopted ISO 27001
Framework. In those ways the study can identify which specific institution best fits to
oversee cryptocurrency-related activities in ASEAN.
The interviewees’ responses will be processed through a thematic approach. The
thematic approach is a qualitative data analysis process that deals with collating data or
information in which it identifies a similar theme among the collated data or information.
(Braun and Clarke 2006). It is a method for describing data, but it also involves
interpretation in the selection of codes and the creation of themes. Hence, the
interviewee’s responses will be grouped and categorized according to themes based on
the commonality of the responses.
Content analysis approach aids in categorizing and identifying patterns and
relationship of certain set of words, themes, or concepts that can either be oral, written, or
visual from two or more different sources such as literatures, journals, text messages,
books, and social media posts in which the results will be analyzed (Luo, 2022). Hence,
through the content analysis approach, the elements set out by the ISO 27001 Framework
will be used to determine the capability of the different institutions under the AEC to
oversee cryptocurrency-related activities.
Furthermore, this study will make use of the Triangulation Method to ensure the
reliability of the data analysis. In a research study, triangulation can aid in preventing
basic baises from a single method or researcher through correlating different theories and
methods. Specifically, the components of the said triangulation method are as follows:

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Literature Review, ISO Framework-AEC Institution Capability Checklist, and a
structured, open-ended Interview.

Ethical Consideration

The following ethical considerations and guidelines will be put into place for the
entire research period:

● A participant’s consent to take part in the study is deemed important through a

process of informed consent and this includes letting the potential participants
understand the relevant information about what the study is all about, the risks
and benefits of taking part in it, how long the study will take, the confidentiality
of the data, the right to withdraw the information given, and the freedom to stop
filling in the survey at any point for any reason.

● Providing a text or a letter for the participant to read and asking if they have any
questions is considered as the first part of securing consent of the participants, and
if they agree to participate, they can sign or initial the consent form.

The following measures will also be adopted to adequately address data protection issues:

● Electronic and hardware storage - A good system for backing up data is

important in a research study so that losses due to hardware failure, natural
disaster, or file corruption will be prevented. This may be done by having an
effective storage (electronic and hardware) by keeping data in a secure location
that can be accessed readily. Keeping a backup should also be practiced by
keeping additional copies of your data in separate physical or cloud locations
from your files in storage.
● Data encryption - to further protect confidential and sensitive data, data
encryption is necessary to ensure that the encryption will stay with the data as it
travels through the network, web servers, application servers, and database
servers.
● Effective methods of data disposal - If the research plan calls for destruction of
documents or electronic files after the project has been completed, all files should

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be shredded and any electronic files on memory drives, PCs, laptops and file
servers should be permanently deleted.

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 APPENDICES

Transmittal Letter
June 6, 2022

Marc Francis B. Gomolon

Cebu, Philippines

Dear Mr. Gomolon:

Greetings of Peace!
We are 3rd Year Political Science students majoring in International Relations and
Foreign Service from the University of San Carlos- Main Campus enrolled in the course
“POS 3214” or “Research Proposal”. We are currently conducting a study entitled
Overseeing Cryptocurrency-related Activities: Exploring Institutions under the ASEAN
Economic Community. This research aims to understand the existing opportunities and
threats of cryptocurrency. Specifically, we seek to determine a specific institution under
the ASEAN Economic Community that would be best fitted to oversee
cryptocurrency-related activities in ASEAN.
Given your background and knowledge in Cryptocurrency investment and
trading, it would be an honor to be able to interview you on your most preferred date and
time.
Please be assured that these will be used for academic purposes only. Please feel
free to reach out to our course instructor should you have any questions or clarification
regarding this matter. We have also provided our contact information for any updates or
feedback from your end.

We look forward to your positive response. Thank you very much and God bless!

Respectfully yours,

JEROME II U. ESCALONA
BA Political Science 3-IRFS Student
Group Leader / Representative
jerome.ii.escalona@gmail.com /17100370@usc.edu.ph
+63 967 421 9720

Noted by:

MS. BRENETTE L. ABRENICA, MAPA, MPS

Course Instructor, University of San Carlos

Page | 57
blabrenica@usc.edu.ph
Research Instrument
The research instruments that will be utilized are the following:

● Structured, Open-ended Interview Questionnaire - The information that will be

collected from this tool will be analyzed through a thematic analysis in which it
will shed light on the latest cryptocurrency climate in ASEAN.

The following are the questions that will be asked by the researchers and to be
answered by the interviewees:

1. Based from your observation, what is the current status of

cryptocurrency in ASEAN?
2. What are your personally identified opportunities for
cryptocurrency in ASEAN?
3. What are your personally identified threats for cryptocurrency in
ASEAN?
4. In your opinion, what are the possible solutions to mitigate the
aforementioned threats?
5. Five (5) to ten (10) years from now, how do you foresee
cryptocurrency in ASEAN?

● ISO Framework-AEC Institution Capability Checklist - The study will focus on

the institutions under the AEC in order to identify which institution has the
capability to oversee cryptocurrency-related activities. Furthermore, the adopted
ISO 27001 Framework elements will be utilized to identify which institution
under the AEC has the capability to oversee cryptocurrency-related activities in
ASEAN. In those ways, it can support the theory that supranationalism can be
used to explain how a regional institution is essential to oversee
cryptocurrency-related activities in ASEAN. Hence, the ISO Framework-AEC
Institution Capability Checklist tool will be utilized to perform a capability
assessment of each identified AEC institution based on the elements provided by

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the ISO 27001 Framework in order to identify which specific AEC institution will
be best-fitted to oversee cryptocurrency-related activities in the ASEAN region.

Page | 59
Page | 60
Table 2. Timetable of Activities

# Task Name Start Finis Duration Feb March April May June
h

1 Individual 2/1 2/8 7 days

Brainstorming
for a Topic

2 W1:Topic 2/9 2/13 5 days

Selection

3 W2:Alignment 2/14 2/18 5 days

to Research
Agenda

4 W3:Problem 2/14 2/19 6 days

Identification

5 Topic 2/20 2/28 9 days

Presentation

6 W4:Formulatin 3/1 3/7 7 days

g Objectives

7 W5:Defining 3/8 3/14 7 days

the Parameters
of my Research
problem

8 W6:Review of 3/15 4/11 28 days

Related
Literature

9 W7:Theoretical 4/12 4/16 5 days

Framework

10 W8:Operationa 4/17 4/27 10 days

lization

11 W9:Research 4/28 5/2 5 days

Design

12 W10:Research 5/3 5/7 5 days

Methodology

13 W11:Data 5/8 5/12 5 days

Analysis

14 W12: Ethical 5/13 5/15 3 days

Consideration

15 Rechecking of 5/16 5/18 3 days

Worksheets

16 Writing and 5/19 5/23 5 days

finalizing the

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 Thesis Paper

17 Thesis Proposal 5/23 5/24 2 days

Video
Recording

18 Proposal 5/25 6/4 13 days

Hearing

Submission of 6/1 6/11 11 days

Revised
Proposal

Program Budget

PANEL (3) INTERVIEWEES (5)

● Jollibee C1 meal - P120 (3) ● Food Voucher (foodpanda) worth

150 pesos each - P750

● E-CERTIFICATE OF
APPRECIATION (5)

Page | 62
P420 P750

TOTAL AMOUNT: P1170.00

Page | 63
Curriculum Vitae

Name: Kyla Lorraine M. Clam

Phone: 09619385431

Email: 17101624@usc.edu.ph

EDUCATION:

Tertiary : University of San Carlos Downtown Campus

P. Del Rosario St. Cebu City

August 2019 - ongoing

Senior High School : University Of San Carlos South Campus

J. Alcantara St. Cebu City

June 2017 – May 2019

Junior High School : St. Alphonsus Catholic School

June 2013 – March 2017

Page | 64
Name: Jastine Mae P. Empenida

Phone: 09672033260

Email: 17101702@usc.edu.ph

Tertiary : University of San Carlos Downtown Campus

P. Del Rosario St. Cebu City

August 2019 - ongoing

Senior High School : University Of San Carlos South Campus

J. Alcantara St. Cebu City

June 2017 – May 2019

Junior High School : Maranatha Christian Academy Inc. of Cebu

V. Gullas St. Cebu City

June 2016 – March 2017

Masbate National Comprehensive High School

Page | 65
 Quezon St. Masbate City

June 2015-March 2016

Masbate Ikthus Christian School

Mabini St. Masbate City

June 2013-March 2015

Name: Jerome II U. Escalona

Phone: 09674219720

Email: 17100370@usc.edu.ph

Tertiary : University of San Carlos Downtown Campus

P. Del Rosario St. Cebu City

August 2019 - ongoing

Senior High School : University Of San Carlos Talamban Campus

June 2017 – May 2019

Page | 66
Junior High School : San Isidro Parish School

June 2013 – March 2017

Page | 67
 LIST OF FIGURES

Figure 1. Theoretical Framework

Figure 2. Conceptual Framework

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